Money Service Business
The Financial Crimes Enforcement Network (FinCEN), jointly with the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Federal banking agencies), and in consultation with […]
The Financial Crimes Enforcement Network announced the launch of its newly created Global Investigations Division (GID), with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally. Matthew Stiglitz, a former principal deputy chief in the Department of Justice’s Criminal Division, will lead the GID. Stiglitz brings […]
By Ryan Tracy of Wall Street Journal Oct. 30, 2018 1:39 p.m. ET Employees at one of the largest and fastest-growing credit unions in the U.S. told executives and regulators that it had a flawed program to prevent money laundering, according to people familiar with the matter and internal credit-union […]
Posted by: Brian Monroe The top banking agencies of the United States, in conjunction with the U.S. Treasury, this month attempted to delineate more clearly what banks should do in crafting financial crime compliance programs related to following laws, regulations or guidance – a likely response to widespread criticism in […]
August 28, 2018 Jacob Gaffney THE QUESTION: Are both banks and nonbanks required to perform an independent audit of their anti-money laundering (“AML”) program? What are the requirements for such audit? THE ANSWER: Absolutely. The Bank Secrecy Act (“BSA”) requires all residential mortgage lenders and originators to perform an independent […]
On May 16, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule)1 for certain financial products and services (i.e., certificate of deposit or loan accounts) that were […]
By Samuel Rubenfeld printed in Wall Street Journal Decade-long effort received recent boosts from Delaware official, Treasury secretary Two dozen state attorneys general joined the push to increase the transparency of shell companies by requiring them to disclose their owners. Anonymous, or shell, companies are legal but they can be […]
Friday, August 3, 2018 South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective on May 25th 2018 becoming the latest state to implement such legislation. This means that the newly established Money Services Division (the “Division”) within the […]
by Philip Bump published in Washington Post If Michael Wolff’s reporting is to be believed, Stephen K. Bannon’s assessment of the most dangerous threat posed by special counsel Robert S. Mueller III’s investigation is not the one you might have assumed. “You realize where this is going,” Bannon reportedly told Wolff. […]